British Business – Sept 10,
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. BP engineers will now be required to take faster decisions based on AI-generated information about oil and natural gas exploration, following a recent agreement with Palantir Technologies. Hostmore, a British restaurant operator, announced on Monday that it had dropped its plans to purchase pub chain TGI Fridays following the removal of Hostmore as manager of TGIF Funding.
NYK Bulk Carrier Completes Another Run on Biofuel
NYK conducts third successful biofuel trial on ship carrying Tata Steel cargoThe bulk carrier Frontier Sky, which is owned by NYK and operated by Tata NYK Shipping Pte. Ltd., conducted a trial use of biofuel to transport cargo provided by Tata Steel Limited, the major steel manufacturer in India. According to the company, this is the third successful trial use of biofuel by an NYK vessel.In this test voyage, the vessel was fueled with biofuel by Toyota Tsusho Petroleum Pte. Ltd.
Pipeline Breaks GoM Depth Record
More than 140km of pipeline manufactured at Tata Steel’s recently enhanced double submerged arc welded (DSAW) mill has achieved an industry first by becoming the deepest to be laid in the Mexican section of the Gulf of Mexico. The company was awarded a contract to supply 457mm OD x 28.6mm WT API 5L PSL2 X65MO line pipe from its large diameter 42” DSAW mill in Hartlepool, U.K., for the development. The project marked the first time that a pipeline had been laid at water depths greater than 3,000ft in the Mexican section of the Gulf.
Rio Replaces CEO Walsh with Copper Boss
Rio Tinto CEO Sam Walsh to retire July 1. Rio Tinto has named its copper and coal division head, Jean-Sébastien Jacques, as its chief executive, replacing veteran Sam Walsh and marking a shift for the Anglo-Australian mining major that has long focused on iron ore. Walsh, 66, was placed at the helm three years ago after the abrupt ousting of Rio's then boss Tom Albanese. A former auto industry executive, Walsh was elevated from the iron ore division he ran.
Britain Scraps 'Green' Costs for Energy-intensive Industry
Britain will permanently exclude energy-intensive industries such as steel and chemicals from extra costs to support green energy projects, finance minister George Osborne said on Wednesday. Steelmakers in particular have been hit by heavy energy costs that make it harder for them to compete internationally, contributing to thousands of job cuts in the sector in recent weeks. Tata Steel, the biggest steelmaker in Britain, for instance said last month it may cut about 1,200 jobs as part of plans to restructure its struggling operations.
DNV GL Launches 2 Cost Saving JIPS
DNV GL, the leading technical advisor to the oil and gas industry, is launching two joint industry projects (JIPs) to investigate affordable composite components for the subsea sector and qualify technology for more efficient linepipe production processes. It is estimated that the JIPs could deliver a combined saving of £6.75 million. This has great significance in today’s cost constrained climate, with the subsea and pipeline sectors are actively looking at alternative means to drive down costs, cut complexity and reduce project overruns.
India to Allow Auctions for Iron Ore, Bauxite Supply
India passed an executive order on Monday to allow the auction of minerals such as iron and bauxite, a government official said, as it does for coal, to help arrest a fall in output and cut imports. India used to hand over mining licences to firms without any competitive bidding, leading to complaints of illegal mining and inviting judicial curbs. This choked the industry that contributes nearly 2 percent to Asia's third-largest economy. Steelmakers such as Tata Steel and Jindal Steel and Power have their own iron ore mines…
UK Govt Looks to Shield Companies From Energy Market Reform Costs
Britain is considering plans to protect energy-intensive industry from higher power costs as a result of planned electricity market reforms, a move which could lead to higher costs for households, documents published on Thursday showed. The documents come just two days after opposition leader Ed Miliband reiterated a pledge to force power companies to freeze prices for 20 months if his Labour party wins a general election due in May next year. In a consultation…
Britain Awards Firms Cash to Turn the Power off This Winter
British companies operating at 431 sites in Britain have won contracts under a scheme that will pay them not to use electricity during some hours on week days in November to February, National Grid said on Tuesday. Britain risks an electricity crisis this winter after several power plants in the country were hit by unexpected outages, forcing grid operator National Grid to take precautionary measures. It said on Tuesday companies operating at 431 individual sites…
Indian Coal Stocks Lowest Since 2012 Blackouts
State-run Coal India unable to meet rising demand; Fall in hydro power adding to grid problems. Half of India's thermal power stations have less than a week's supply of coal on hand, according to weekly data, the lowest level since mid-2012 when hundreds of millions of people were cut off in one of the world's worst blackouts. There was a sharp fall in power output on Thursday from a plant in the western state of Gujarat that left India more than 9,000 megawatts short of peak demand, according to two officials at the state grid operator.
Rio Tinto Pulls Plug on Mozambique Coal Venture
Rio Tinto has agreed to sell coal assets it bought through a $4 billion acquisition of Riversdale in 2011 for just $50 million to an Indian joint venture, ending its ill-fated venture in Mozambique's coal sector. The sale of Rio Tinto Coal Mozambique to International Coal Ventures Private Limited (ICVL), includes the Benga coal mine and other projects in Tete province, assets that had a value of $71 million as of March 31 in Rio's books. In 2013…
Rio Tinto Out of Mozambique Coal Venture
Rio's exit frustrates Mozambique's coal ambitions; asset sale price implies further writedown. Vale also looking to sell stake in Mozambique coal assets. Rio Tinto has agreed to sell coal assets it bought through a $4 billion acquisition of Riversdale in 2011 for just $50 million to an Indian joint venture, ending its ill-fated venture in Mozambique's coal sector. The sale of Rio Tinto Coal Mozambique to International Coal Ventures Private Limited (ICVL)…
India May Appeal Parts of WTO Steel Ruling
India said on Tuesday it may appeal against parts of a World Trade Organization ruling against countervailing U.S. duties on some of its steel exports, despite being partly vindicated in a trade dispute. States impose countervailing duties, or punitively high import tariffs, when they suspect another country of gaining an unfair trade advantage through subsidies. The WTO, ruling on the April 2012 case, said on Monday that the United States had acted…
India Coal Power Plants Struggle to Meet Demand
Nearly half of India's coal-fired power stations only have enough stocks to last a week, the power minister said, as the country struggles to connect millions to the grid and wrestles with a growing coal import bill. Coal imports equate to about one percent of India's economy as state behemoth Coal India, the world's largest coal miner, has failed to raise output fast enough to meet demand. This leads to frequent blackouts, something new Prime Minister Narendra Modi is keen to fix soon but which will raise coal shipments from countries such as Indonesia…
EU's Top Court Asked to Rule on Industry's CO2 Permit Challenges
The Dutch national court has asked the European Court of Justice (ECJ) to rule on the legal challenges filed by heavy industry over how many free emissions permits they are due to receive through to 2020 under the EU's carbon market. The Dutch Council of State on Wednesday requested the ECJ, Europe's highest court, make a preliminary ruling on whether the European Commission had correctly calculated a reduction in the number of permits - subsidies worth billions of euros - that would be earmarked for industrial firms.
ONGC bags Dun & Bradstreet Corporate Excellence Award - 2014
ONGC was honored with the prestigious corporate award – ‘The Dun & Brandstreet Corporate Excellence Award’ for its stellar management and leadership on May 28,2014. ONGC received the award for excellence in the Oil and Gas Production sector. Mr A K Jain, Executive Director, Chief- Offshore Engineering Services, received the award on the behalf of the organization. In all, there were 46 sectors which were recognized for their excellence and these were chosen among the top 500 companies of India…
Report Predicts Growth for US Onshore Pipelines Industry
Demand for onshore pipelines will increase in the United States, providing a positive outlook for the North American oil and gas industry, according to a new report conducted by Europe’s second largest steel producer, Tata Steel. The study, produced by the company’s energy and power division, points to a rise in environmental concerns shifting energy demand towards natural gas and the continued growth in shale as the main drivers for increased investment in production and transport infrastructure.
Study: Outlook Strong for Offshore Pipe Industry
The European outlook for the offshore pipe industry in 2014 is positive, according to a recent report conducted by Tata Steel, a supplier of innovative deep-water pipe line solutions. The study, conducted by Europe’s second largest steel producer, points to high energy demand from Africa, Asia and BRIC (Brazil, Russia, India and China) nations which will continue to drive offshore developments. The study highlights the growth in deepwater developments in Africa and Europe as signs that the offshore pipe line industry is set to continue its recovery.
